Money & Bankin

UBI update on change in IFSC code for merged banks

Our Bureau Mumbai | Updated on March 06, 2021

Customers of Andhra Bank and Corp Bank must get new cheque books

 

 

Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile (e)-Andhra Bank and e-Corporation Bank branches will change with effect from April 1, 2021.

Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes, UBI said in a statement.

The Indian Financial System Code (IFSC) is used to identify a participating bank branch in the National Electronic Funds Transfer (NEFT) Structured Financial Messaging Solution (SFMS) message. Magnetic Ink Character Recognition (MICR) Code is used for cheque processing.

The old IFSC codes of branches of these erstwhile banks will not be valid from April 1, 2021. Andhra Bank and Corporation Bank were amalgamated with UBI with effect from April 1, 2020. The IT integration of both the banks has been completed without changing the Account number of customers.

UBI has asked customers to update new IFSC on mandates given by them and notify remitters about the same. Per the statement, the Bank has requested customers to obtain new cheque book from their branch or apply through mobile app, or Internet Banking or ATM.

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Published on March 05, 2021
merger, acquisition and takeover
Union Bank of India
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